Thailand to sell stockpiled rice at market prices | Bangkok Post: business

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Govt accepts it will lose on rice

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  • Writer: Online Reporters and Bloomberg News Agency
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The government will have to sell off its rice stockpile amassed under the rice pledging scheme at market prices, PM's Office Minister Nawatthamrong Boonsongpaisan admitted on Thursday. 

The government will have to take a big loss on the sale, because pledging prices were set much higher than the market price, he said.

Prime Minister Yingluck Shinawatra recently assigned Mr Nawatthamrong to oversee the rice pledging scheme and ensure that taxpayer funding for the programme does not exceed 500 billion baht per year.

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